Tesla Energy Group, a newly formed division of Tesla Motors, has signed an agreement to supply Think Global with lithium-ion battery packs for their line of “TH!NK city” electric cars.
The $43 million supply agreement begins in December 2007 and continues through 2008.
Tesla Energy Group was formed in December of 2006 to develop and market custom designed high performance battery packs for customers in a wide range of industries. Tesla Motors created Tesla Energy Group in response to demand from outside companies for advanced lithium-ion battery pack technology for automotive and other industrial use.
Said Martin Eberhard, CEO of Tesla Motors, “Tesla Energy Group will provide additional sources of operating income for Tesla Motors while accelerating our competitive advantage in battery pack design and manufacturing. Both of these support our core business of developing and marketing extraordinary electric cars such as the Tesla Roadster.”
The second generation TH!NK city vehicle is expected to be launched in Norway in 2007, and selected international markets in 2008. http://www.think.no/.
Tesla Motors has taken over 400 reservations for its first car, the Tesla Roadster, a stylish, high performance sports car that accelerates to 60 mph in about 4 seconds with extreme energy efficiency. Tesla expects to start shipping Tesla Roadsters to customers in the fall.
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